Bemis Company Increases Share Repurchase Authorization by 20 Million Shares & Announces 33rd Consecutive Annual Dividend Incr...
February 04 2016 - 5:00PM
Business Wire
The Board of Directors of Bemis Company, Inc. (NYSE:BMS) has
increased the authorization for share repurchases by 20 million
additional shares of Bemis Company stock, supplementing the 2.4
million shares remaining from the previous share repurchase
authorization by the Board in May of 2014 for 8 million shares.
“Today's Board authorization demonstrates continued confidence
in our ability to grow and generate strong cash flow and in our
commitment to expand the ways we deliver returns to our
shareholders,” said William F. Austen, Bemis Company's President
and Chief Executive Officer. "In alignment with our priority to
increase shareholder value, we will continue to emphasize growth
through organic and inorganic initiatives, while committing to
utilize our excess cash to repurchase shares during the next three
to five years. While maintaining our strong balance sheet, we will
continue to invest our cash flow in capital projects for growth and
efficiency, pay an increasing dividend, and finance acquisitions,
along with these share repurchases.”
In addition, the Board of Directors has approved a 4 percent
increase in the quarterly cash dividend, increasing it to 29 cents
per share compared to the previous quarterly dividend of 28 cents
per share. The cash dividend is payable on March 1, 2016, to
shareholders of record at the close of business on February 17,
2016. This marks the 33rd consecutive year that the Company has
increased its dividend payment. Bemis has been paying an annual
dividend on its stock since 1922 and has been included in Standard
& Poor's list of Dividend Aristocrats since 2008.
FORWARD-LOOKING STATEMENTSStatements in this release that
are not historical, including statements relating to the expected
future performance of the Company, are considered
“forward-looking,” and are presented pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. Such
content is subject to certain risks and uncertainties, including
but not limited to general economic conditions, future changes in
cost or availability of raw materials, the ability to adjust
selling prices, consumer buying patterns, changes in customer order
patterns, potential loss of business or increased costs due to
customer or vendor consolidation, the results of competitive bid
processes, costs associated with the pursuit of business
combinations or divestitures, plant closures, a failure in our
information technology applications or infrastructure, foreign
currency fluctuations, changes in working capital requirements,
changes in government regulations, and the availability and related
cost of financing from banks and capital markets. Actual future
results and trends may differ materially from historical results or
those projected in any such forward-looking statements depending on
a variety of factors, which are detailed in the Company's regular
SEC filings including the most recently filed Form 10-K for the
year ended December 31, 2014.
ABOUT BEMIS COMPANY, INC.Bemis Company, Inc. (“Bemis” or
the “Company”) is a major supplier of flexible and rigid packaging
used by leading food, consumer products, healthcare, and other
companies worldwide. Founded in 1858, Bemis reported 2015 net sales
of $4.1 billion. Bemis has a strong technical base in polymer
chemistry, film extrusion, coating and laminating, printing, and
converting. Headquartered in Neenah, Wisconsin, Bemis employs
approximately 17,000 individuals worldwide. More information about
Bemis is available at our website, www.bemis.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160204006537/en/
Bemis Company, Inc.Erin M. Winters, 920-527-5288Director
of Investor Relations
Bemis (NYSE:BMS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bemis (NYSE:BMS)
Historical Stock Chart
From Apr 2023 to Apr 2024